CANADA STOCKS-Futures up as oil gains on Saudi pledge to make cuts

Reuters Staff

4 Min Read

June 13 (Reuters) - Stock futures pointed to a higher opening for Canada’s main stock index on Tuesday as oil rose on Saudi Arabia’s pledge to make sizable supply cuts in July.

The world’s top oil exporter plans to curb volumes of crude to some Asian buyers and deepen cuts in allocation to the United States, as part of an OPEC-led agreement to prop up oil prices in an oversupplied market.

Also in focus is the two-day Federal Reserve meeting in Washington, where the prospect of the United States raising interest rates and shrinking its mammoth balance sheet reverberated across markets.

June futures on the S&P TSX index were up 0.17 percent at 7:15 a.m. ET.

Canada’s main stock index ended lower on Monday, weighed down by losses from heavyweight banking stocks after two days of strong gains, and as the country’s technology sector tracked the larger U.S. tech group down.

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